[专业英语]2008财务成本管理英语加试题答案 [复制链接]

六、英语附加题（本题型共2题，每题5分，共10分。要求用英文解答，列出计算步骤，每步骤运算得数精确到小数点后两位。在答题卷上解答，答案写在试题卷上无效。） f]8MdYX(  
1、In 2007,M Corporation paid dividends totaling ＄3 million on net income of ＄15 million.2007 was a normal year, and for the past five years, earnings have grown at a constant rate of 10 percent. However,earnings are expected to jump to ＄18 million in 2008,and the firm expects to have ＄12 million investment opportunities in 2009.It is predicted that M will not be able to maintain the 2008 level of earnings growth in the future----the high 2008 earnings level is attributable to an exceptionally profitable new product line introduced in that year----and the company will return to its previous 10 percent growth rate. M’s target debt ratio is 40 percent in 2007, which will be continued in the future. U@NCN2I  
Calculate M’s expected dividends for 2008 if it follows each of the following policies: c 9f "5~  
A. Its 2008 dividend payment is set to make dividends grow at the long-run growth rate in earnings. ]B,tCBt  
B. It continues the 2007 dividend payout ratio. h
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C. It uses a residual policy with all distributions in the form of dividends. *sOb I(&  
D. It employs a regular-dividend-plus-extras policy, with the regular dividend being based on the long-run growth rate and the extra dividend being set according to the residual policy(Indicate the regular dividend and the extra dividend separately). `jGeS[FhR  
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答案在楼下

Answer: Ma|4nLC}  
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A: long-run growth rate {KWVPeh  
3*(1+10%) =3.3 million A0Mjk  
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B: target payout ratio "tCTkog3]  
Target payout ratio=3/15=20% ,GH`tK_  
Dividend of 2008=18*2%=3.6 million &IQ=M.!r  
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C: residual dividend approach Ljd`)+` D  
Retained earnings=total new investment*(1-debt ratio) EbILAJ  
                 =12*(1-40%) `DY yK?R  
                 =7.2 million 6j(/uF4!#  
Residual dividend=18-7.2=10.8 million W'@ |ob  
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D: regular-dividend-plus-extra dividend approach (according to the residual policy) ^&?,L@ fW  
Regular dividend=3*(1+10%) =3.3 million }/a%
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Extra dividend=residual dividend –regular dividend j?2~6W/[  
              =10.8-3.3 l ;:IL\*1I  
              =7.5 million ~*Y#Y{  
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2. N Company manufactures a kind of product used throughout the machinery industry. The standard price of the materials for the products is $6 per kilogram; the standard quantity of materials allowed per unit is 1.5 kilograms. During July, 2,000 units of the products were finished, for which 3,200 kilograms of materials were used at a total direct material cost of $18.560. %
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A. Calculate the direct material price variance for July. Indicate whether it is favorable  (F) or unfavorable (U) and who is generally responsible for this variance. {U
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B. Calculate the direct material quantity variance for July. Indicate whether it is favorable (F) or unfavorable (U) and who is generally responsible for this variance. DO:,PZX  
C. Calculate the total direct material cost variance for July. Indicate whether it is favorable (F) or unfavorable (U). 63W;N7@  
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Answer: ;MS.ag#  
Notes: ?),b902C  
Actual price=18560/3200=$5.8/unit 4 EqThvI{  
Actual quantity materials per unit=3200/2000=1.6 kg/unit h0PDFMM<  
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1).Standard quantity * standard price=standard total cost Nj>6TD81u  
(1.5*2000)      *   6        =$18000 jaoZ}}V_$  
2). (Actual quantity-standard quantity) * Standard price= Efficiency variance of direct materials A"JdG%t>.h  
（3200-3000）                *  6         =$1200 -+WAaJ(b  
3)Actual quantity * （actual price- standard price）= Price variance of direct materials !vwio!  
3200         * (5.8 – 6)                    =$640 E'LI0fr  
4)actual quantity *actual price =actual total cost DU!T#H 7  
3200        * 5.8       =$18560 ]@$^Ju
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A：Price variance of direct materials=（actual price-standard price）*actual quantity @Go_5X(  
                             = (5.8-6)*3200 ^@^8iZ  
                             = $640  【F】 T3{O+aRt  
Price variance of $640 【F】 due to the actual price of $5.8 per kg being fewer than the standard $6 per kg. g"P%sA/E+  
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B：Efficiency variance of direct materials= (actual quantity-standard quantity)*standard price kOQ )QX  
                                  = (3200-3000)*6 B"GC|}N)v  
                                  =$1200   【U】 H a!,9{T  
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Efficiency variance of $1200 【U】 due to the higher quantity of materials per unit of 1.6 kg/unit than the standard level of 1.5 kg/unit. JH.XZM&  
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C：Total variance of direct materials=actual costs- standard cost ]\M{Abqd{  
                              =18560-18000 Clum m@z;#  
                              =560  【U】